Serial entrepreneur Chris Snook says that it’s still not too late to jump on the blockchain boat as the new tech leads the way into a token economy.
If there’s one thing that wakes up investors in the middle of the night with a cold sweat is the fear of missing out (FOMO). Not recognizing revolutionary new technology or seeing an upcoming economic seismic change is a fear that practically every investor has. It’s true that the biggest rewards often go to those who take the biggest risks and get in on the ground floor of any new venture, and blockchain technology is no exception. As governments, companies, and financial institutions are climbing on board the blockchain boat, it may seem that the boat has already sailed for the average guy. However, serial entrepreneur Chris Snook says that it’s still not too late to get your ticket.
Blockchain is Leading a Revolution
Chris Snook is the founder of the World Tokenomic Forum and a managing partner at Launch Haus. He has almost 20 years of experience in the business world, and he says that young investors can look at the current crypto landscape like the coming of Internet 2.0 back in the early 2000s.
Snook notes that there’s still time to adapt to the changing circumstance, saying:
Right now is one of the most exciting times to be alive. I feel fortunate to be alive and to be in business. I think the next decade will be one of the most exciting we’ve ever seen, but I’m also not romantic about it. I understand that winter is coming, and I know what that looks like. I also know what’s on the other side of it.
The reason for this excitement is blockchain technology. Snook points out that there are still a lot of misconceptions about this new technology, but the key factor for him is that the potential of blockchain applications is enormous.
A Token Economy
Chris Snook believes that blockchain technology will be an integral part of transforming the market economy into a token economy, which is essentially a market economy that features digital contracts. One of the key features of the token economy is the digitalization of physical assets.
He points out that such a move has already happened in a few industries, especially music. Snook points out:
Music went from a record to a tape to a CD. Then it shifted to a download and now it’s a stream. This shift shouldn’t shock us – it’s been happening for years.
While many entities (governments, corporations, etc.) are getting behind blockchain technology, Snook does say that there are still fundamental questions that need to be answered, which also means that there is still time for people to climb aboard the Blockchain Express before it leaves the station. Some of the questions that blockchain faces is what role banks will play and how will code be secured from hackers.
Fluidity and Growth
Blockchain technology is still in the “fragmentation phase” of its development, says Snook. Standards are still being hashed out and application development is very speculative.
On the upside, the new technology means a massive influx of talent pouring into this new sphere. When things eventually shake out, a number of these talented individuals will leave but a good majority will stay. Snook adds:
I don’t know who’s going to be the Facebook of the blockchain era . What we have now is the opportunity for a more equitable prosperity that is driven by real economics and not debt. There will be a lot of murkiness until those standards are set, but once they are, it will be a lot easier to stand up the application layers. If I was investing right now, I’d be looking at infrastructure plays. I’d be looking at what governments and banks need, whether they know they need it or not.
Basically, Snook is saying that the current state of blockchain development is akin to the second internet phase in the early 2000s. After the initial technology was created, a lot of back-and-forth ensued until some standards and consolidation came into being. This was the era that Google, eBay, and Facebook rose to prominence.
People who failed to join the internet gold rush when it first began were able to join in during this second phase. Snook says that the same principle applies to blockchain technology, which means you shouldn’t worry about FOMO and jump in.
Do you agree with Chris Snook? Is there still time for the average person to jump on the blockchain boat? Let us know in the comments below.
Images courtesy of Flickr/@Emily Burnett, Pxhere, Shutterstock, and Bitcoinist archives.